Aug 13 Lawyers for Javier Martin-Artajo, a
former JPMorgan Chase & Co employee who is expected to
face U.S. criminal charges for his role in a trading scandal
that cost the bank $6.2 billion, said on Tuesday he expects to
be cleared of wrongdoing and has cooperated with regulators.
"Mr. Martin-Artajo has co-operated with every internal and
external inquiry which was required of him in the UK," said a
statement released by lawyers at Norton Rose Fulbright in
Martin-Artajo is expected to face criminal charges for
trying to inflate the value of trading positions held on his
group's books. The mismarking allegedly took place as the team
tried to hide mounting losses in an illiquid derivatives market,
where they had made outsized bets.
Martin-Artajo worked for JPMorgan's chief investment office
in London. After the trading losses became public, he was fired
from the bank
Lista Cannon in London and Richard Smith in Washington are
representing Martin-Artajo in the matter. Neither responded
directly to Reuters' requests for comment.
The statement followed reports that Martin-Artajo could face
arrest in London on the U.S. charges. The events surrounding the
trading losses are also being probed by UK authorities.
"Mr. Martin-Artajo is confident that when a complete and
fair reconstruction of these complex events is completed, he
will be cleared of any wrongdoing," the statement said, adding
Martin-Artajo was away on a "long-planned vacation."
Martin-Artajo supervised Bruno Iksil, the JPMorgan trader
known as "the London Whale" for his outsized trades in the
company's chief investment office. Iksil is cooperating with
government investigators and will not face criminal charges,
Reuters has reported.